WTI Oil Falls to Five-Week Low on Slower Service Growth
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West Texas Intermediate crude fell to a five-week low as U.S. service industries expanded at a slower pace than forecast in December and U.S. fuel supplies rose.
Prices dropped for a fifth day. The Institute for Supply Management’s non-manufacturing index decreased to a six-month low of 53, a report from the Tempe, Arizona-based group showed today. Inventories of gasoline and distillate fuel, including diesel and heating oil, jumped to a two-month high in the week ended Dec. 27, the government reported Jan. 3.